The recent Twitter hack in the middle of last month has gotten tongues wagging and rumors flying around as to how the security of the social media app was breached.

It should be recalled that some high profile accounts were the victims as their accounts were compromised to host a scam Bitcoin giveaway.

A small population of the general public not sensing any danger because it came from verified accounts fell victim and lost their Bitcoins.

In the wake of the attack, Twitter chose to limit the functions of the majority of the verified accounts for some time, which brought about jests from unverified users.

Hackers used a new modus operandi, experts say

It wasn’t until after investigations were carried out that it was revealed that the hack was just a small part in a big ploy to defraud thousands of unsuspecting crypto holders.

It is unclear how the hackers got into the system and were able to gain access to the accounts of the elites worldwide. Going by the time that the events started happening, it would be noted that the hackers started the Twitter hack attack on July 15. 

In what is usually an old trick of Bitcoin doubling scam, the hackers cleverly set up the verified accounts to post giveaways at the same time with a promise to double the Bitcoins sent.

This trick dates back to the inception of every key investment scam trick where an individual is asked to invest in a business and get two or three-fold after a short time, which always turns out false. 

Twitter hack attack forces Twitter to tighten security

According to security experts, most individuals are aware of this kind of scams, but pulling it off from a verified social media handle is what eliminated all forms of suspicion.

With this new modus operandi, crypto holders would be wary of even the surest digital assets giveaway before sending their assets. Tongues are wagging after Twitter decided to restrict the accounts from specific options and the fact that their security was compromised with most people speculating that it was planned.

With Bitcoin and Twitter gaining popularity on the back of the Twitter hack attack, most experts have pointed accusing fingers at social media for the lack of optimum security on their platform.

Asides grumbling about the low-security measures on the site, some users have speculated that the hackers had access to admin keys, making it easier to perpetrate the act. Twitter has now initiated a 2FA (two-factor authentication) on the site to protect accounts for future hacks.

This post was last modified on August 6, 2020 3:30 pm